Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • Exclusive: Fabius warns of further sanctions against Russia

    Read more

  • Experimental Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Suriname leader’s son pleads guilty to courting Hezbollah

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Chelsea’s Torres set for AC Milan switch

    Read more

  • France shines in IMF list of world’s promising economists

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

  • First case of Ebola confirmed in Senegal

    Read more

  • Obama has 'no strategy yet' on potential Syria strikes

    Read more

  • Netflix to woo French with ‘House of Cards’ set in Marseille

    Read more

  • French businesses ‘hoping for a new Thatcher’

    Read more

  • Syrian refugees surpass 3 million, UN says

    Read more

  • West backs Ukrainian claims of Russian incursion

    Read more

  • Libyan PM resigns as Islamists set up rival administration

    Read more

  • UN says 43 peacekeepers captured in Golan Heights

    Read more

  • The deleted tweets of Manuel Valls

    Read more

  • Peru seizes record 6.5 tonnes of Europe-bound cocaine

    Read more

  • Pakistan army to mediate between PM, protesters

    Read more

Business

Formula One boss makes last-minute bid for Saab

Text by News Wires

Latest update : 2010-01-08

Britain's Formula One boss Bernie Ecclestone is to launch a last-minute bid for struggling Swedish carmaker Saab in a partnership with a Luxembourg-based investment firm, Genii Capital.

AFP - Formula One boss Bernie Ecclestone has teamed up with a Luxembourg investment firm to launch a last-minute rescue bid for Swedish carmaker Saab.

Genii Capital announced its "interest in making an offer for the acquisition of a majority stake in Saab SAS in a partnership with Mr Bernard Ecclestone," in a statement just as the deadline for final bids for Saab expired at 2200 GMT Thursday.

The privately-held firm said it would "aggressively work towards a successful closing of the transaction with all the relevant stakeholders of the company."

Saab has "tremendous brand value in a number of key automotive markets, as well as an innovative image," it underlined.

Saying it had been "brought into the bidding process at a late stage by advisors close to the deal," Genii is angling its offer around high-end on-board entertainment systems.

It said it wanted to work on "synergies with some of its portfolio companies in the areas of energy efficient engines, OEM (computing) components and on-board IT and media technologies."

The bid focused on on "technologies that enable use (of) on-demand systems as well as innovative communications platforms such as VOIP (speech-based communications over the Internet) and GPS location-based services."

Genii already has links with Ecclestone after it last month bought a stake in the Renault Formula One team, allowing the team to remain in the sport.

US carmaker General Motors announced in December it would wind up Saab, which employs 3,400 people in Sweden.

However GM extended a deadline to consider offers for Saab after Dutch sports car maker Spyker approached the US automaker with a last-ditch proposal.

Spyker chief executive officer Victor Muller said on Thursday it would submit a definitive, updated bid for Saab.

Saab is one of four storied brands that GM is shedding as part of a massive restructuring effort that began in 2005 and accelerated last year when the largest US automaker went bankrupt.

Analysts have warned that some 8,000 jobs could be lost with Saab's closure.

Date created : 2010-01-08

COMMENT(S)